Goldsmith said there were "grey people" who dissent against any plans to organise big events in London.

"These people spend their whole lives finding thousands of reasons why a concert in Hyde Park, or an Olympic torch ceremony, or a concert in Trafalgar Square, can't happen," he said.

We would need to negotiate about routes and costs, but I'm definitely backing a Grand Prix for London

Ken Livingstone

"Nobody wants to accept liability or take responsibility.

"But subject to these people being dealt with, anything is possible, including an Olympics or a London Grand Prix.

"There would be problems. You've got to find a circuit that's safe, interesting and offers good viewing. And this is a very busy, overloaded city. So to deal with the disruption wouldn't be easy."

Livingstone was quoted in the paper saying: "We would need to negotiate about routes and costs, but I'm definitely backing a Grand Prix for London.

"The Grand Prix is already a phenomenal global spectacle. This is truly big business, and London's economy and tourist industry would benefit significantly."

Eight F1 teams are taking part in the demonstration down Regent Street on Tuesday evening, including top British drivers David Coulthard and Jenson Button.

An F1 street race has been held in Monaco for more than 60 years

BAR-Honda driver Button said: "It should be awesome.

"I think we are limited to 75mph, we go round a few bits and then back up. I think it might be too bumpy to go fast with the downforce pushing us down.

"I think we are going on a London bus as well which will be great. They've only closed it off for the marathon and the Rugby World Cup winners so it should be fantastic."

Coulthard, who drives for McLaren, added: "There is nothing like seeing a Grand Prix car at that speed on a race track but if we can get more interest by running a Grand Prix car down Regent Street then that's got to be positive."